I faced the same dilemma for the past 8 months or so. Prior to purchasing, I owned 2 M&P 9mm's but I wanted something with a bit more power for nightstand duty and for my "woods" gun - my friend's cabin has LOTS of black bears and I don't feel comfortable carrying 10+1 rounds of 9mm in the woods there. So, after careful deliberation, tons of research and a lot of agonizing, finally about 6 weeks ago I ordered a 40c. I had considered the FNH FNS-40 and a full size M&P .40. I also considered the Glock 27, but despite their great reputation for reliability, in my opinion it's no contest when you hold a subcompact Glock 27 and then hold a M&P compact... the M&P feels so much better in my hand. Plus a friend of mine owned a 40c for about 18 months before I got mine and I had shot it a number of times. Surprisingly, I was a lot more accurate with his M&P 40 compact than with either of my M&P 9mm's... still not sure how that's possible!
I ended up going with the M&P 40 compact and here are several reasons why:
1)
It's more versatile. You can carry it concealed with either the flat base plates or the 40c mags with the pinky extension. If you want a full size M&P "feel" just buy the full size M&P .40 mags and get the X-Grip adapter to fill in the space. This will make it feel similar to a full size M&P in your hand. Also, as ATF said above, I also like the option to purchase a ".40 to 9mm" conversion barrel from Storm Lake for about $165 (can be had as low as $130 on e-bay - my friend just picked up a gently used conversion barrel for his 40c from our LGS for $99 plus tax) and this will allow you to shoot 9mm with your 40c. You can also purchase a .357 sig barrel from Storm Lake and run .357 sig through your 40c (.357 sig also uses the same mags as your .40 ammo, so you won't need to buy new mags like you do with the ".40 to 9mm" conversion barrel). In summary, you can make the 40c feel more like a .40 full size, but you can't make the full size feel more like the 40c. Also, you can buy the Streamlight TLR-3 and mount that on the rail of your 40c. They also make a model with a laser or light/laser combo (Veridian, I believe) that mounts quite well on the 40c's small rail. The M&P 40 compact is quite a versatile, multi-role firearm in my opinion!
2)
Availability and Cost. Around me, .40 ammo is plentiful and is usually $3-$5 cheaper per box than .45 acp. I like how the .40 round is a little bigger than the 9mm but hits harder than the 9 or .45. I've read many places that the velocity of the round if using hollow points (more so than the actual round itself) influences how well it expands in the target. This is a Pandora's box and everyone has their own opinion - I'm not trying to start a caliber/ballistics debate. Nothing wrong with 9, 40 or 45... they'll all usually get the job done, but after lots of research, I liked the ballistics of the .40 round and the fact that it's a little more cost-effective for me to shoot than the .45. I still remember a couple of years ago when it was impossible to find 9mm or .45 ammo in my area or even online. .40 was still on the shelves though... granted in far less quantity than it is now, but it was about the only thing still in stock locally (
not counting less common calibers like .357 sig, .45 GAP, etc.).
3)
S&W quality & my own prior experience. I had owned 2 M&P's previously before I got my new 40c and after running about 2,500 rounds total through them (FMJs and HPs) I had not had one single issue. I should also mention that this is all the more impressive since I did not clean either gun at all... just threw some oil on the rails and along the slide after taking it out of the box before I took my first shots... and I still have not cleaned them (I know, I know!

) ...and they're running like clocks! Also, every time I called S&W with a random question, their reps were great and very courteous and helpful. I had an issue with my 40c when I first got it where one of the mags was not seating fully. They sent me a free return address label and within 10 days I had a new 40c mag WITH the pinky extension and it works like a charm! I may never buy anything besides S&W... I am very happy with them!
Just my luck that a month after I purchase they come out with the 3 free magazine offer!! I missed the two free mag offer in December too!! Frustrating
One of the videos that really sold me on the 40c (not sure why, but I've watched it like 5 times) is on youtube by a guy named mixflip. It's entitled "S&W M&P 40 compact - Glock Killer?" Check it out - if you have a spare 15 minutes, it's well worth your time!
A website called Sportsmans Outdoor Superstore has the M&P 40c with or without safety (models 106303 or 109303) for $419.99. Not sure how you feel about ordering a firearm online, but I've heard good things about SOSS. I sure wish I would've seen that price on the 40c before ordering because it beats the heck out of my local gun shop's price!